Private investment arm of the Ontario Teachers' Pension Plan, Teachers' Private Capital announced late Monday that it has agreed to acquire U.S.-based Aquilex Holdings, LLC from private equity firm Harvest Partners, LLC. The deal, which is subject to regulatory approvals, is scheduled to close in December. Terms for the deal were not disclosed.
Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent corporation, it invests the pension fund's assets and administers the pensions of 278,000 active and retired teachers in Ontario.
Teachers' Private Capital invests on behalf of the active and retired teachers in Ontario, Canada. With more than C$8 billion in assets, Teachers' Private Capital is one of Canada's largest private investors, with the most sophisticated pools of investment capital. It is currently working with more than 100 companies and funds worldwide by providing long-term flexible financing.
In a statement, Senior Vice-President of Teachers', Erol Uzumeri said, "With its market leadership position, revenue and cash flow stability, strong margins and robust growth prospects, Aquilex represents an attractive investment opportunity and fits well with Teachers' Private Capital's investment criteria."
In order to fund the deal, Teachers' has provided committed financing. Teachers', which manages about C$108.5 billion, will sell senior debt in Aquilex to an unspecified third party subsequently.
The New York-based Harvest Partners, LLC is a private equity investment firm specializing in management buyouts and growth financings of middle-market companies. Focused on light industrial, consumer/retail and business services businesses, Harvest Partners has over 25 years of experience investing in companies located in North America.
The Atlanta, Georgia-based Aquilex Holdings is a leading provider of maintenance, repair and industrial cleaning services to the oil refining, fossil power, nuclear, petrochemical and waste-to-energy industries.
Harvest Partners acquired Aquilex and its subsidiary Welding Services Inc. in January 2007 fro First Reserve. Aquilex, which has about 5,000 employees, posted sales of more than $550 million last year. Teachers' expects Aquilex's operations to be insulated from the recent financial market crisis.
For Teachers', Morgan Stanley acted as M&A advisor, and Sullivan & Cromwell LLP provided legal advice. For Aquilex, Harris Williams & Co. was advisor for the transaction.
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